With challenging economic conditions and a rapidly changing business environment, Australian businesses must work harder than ever to attract and keep new customers. Pressures on consumer demand, such as a rising cost of living and every increasing choice, have compounded issues for business owners and employers.
Yet despite this, Australian businesses are spending considerably more on advertising than they were pre-pandemic, with 2023 being the second biggest year on record. Given that new customer acquisition can cost a business up to seven times more than retaining an existing one, businesses should look more closely at how they are marketing within their existing client bases and within their own teams.
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Source Agencies
